Post Office UK: Postmasters are not immune to the current challenging economic environment

Post Office UK: Postmasters are not immune to the current challenging economic environment

The UK Post Office has announced a package of remuneration improvements for Postmasters worth £30 million for the 2024 / 25 financial year.

Included in the package of remuneration improvements are:

  • A one-off remuneration boost, equal to 15% of Postmaster’s March 2024 trading, in variable remuneration. This will be paid in April 2024. Across the network, this equates to a nearly £5 million investment by Post Office.
  • An increase in Mails remuneration worth around £12 million as a result of Royal Mail tariff increases and remuneration increases for Royal Mail volume-based products such as pre-paid parcels and returns which will go up by 4.0% in line with CPI.
  • A 21% increase in remuneration for Postmasters handling DVLA transactions.
  • An average increase of 9.4% on outreach payments to Postmasters who operate mobile vans as outreach Post Offices to take into account the national living wage increase and changes in fuel prices.

In addition, Post Office has announced a complementary £3.5 million investment to roll-out high-grade note counters for 2,800 of its largest banking branches. This will help automate the accurate processing of cash deposits.

Nick Read, Chief Executive of the Post Office, said: “Postmasters are not immune to the current challenging economic environment, and we are acutely aware of the impact minimum wage increases have on their costs. Following a strong performance for our online business, and thanks to Postmasters’ help in building the brand and delivering fantastic customer service, we have again been able to share this success with Postmasters in the form of a one-off payment.”

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